For the current quarter, IGB REIT’s total revenue was RM162.6 million, increased 5.1% against the corresponding quarter in 2023 of RM154.6 million. Net property income was RM124.2 million, increased 4.8% compared with the corresponding quarter in 2023 of RM118.6 million. Profit after taxation was RM99.6 million, increased 3.5% compared with the corresponding quarter in 2023 of RM96.2 million.
The higher total revenue, net property income and profit after taxation were mainly due to the higher rental income in the current quarter. The distributable income for the current quarter amounted to RM109.4 million, consisting of realised profit of RM102.3 million, the non-cash adjustments arising mainly from net fair value change of RM2.7 million and Manager’s management fee payable in Units of RM6.7 million
IN comparing against the immediate preceding quarter, the was 2.6% higher compared with the immediate preceding quarter of RM158.5 million. Net property income was RM124.2 million, 7.8% higher compared with RM115.2 million in the immediate preceding quarter. Profit after taxation increased 11.1% compared with the immediate preceding quarter of RM89.7 million.
On the outlook, IGB Reit said the retail sector is expected to record a growth of 2.5% for Q3 and 3.2% for Q4. Overall, a 4% retail sales growth has been projected for the full year of 2024, following a 2.2% increase in 2023.
The key challenge for the Malaysian retail industry is the rising cost of living. Inflationary pressures have affected consumers spending and higher operating costs and Ringgit depreciation against major foreign currencies have impacted retail sales.
The Manager remains cautious on the retail sales’ growth, which would affect tenants’ performance at shopping malls and also, the financial performance of IGB REIT. Nonetheless, IGB REIT remains committed to bringing about long-term value to its stakeholders
